Russia Casts Envious Glances At China Economy

Blagoveshchensk translates as the “city of good news”, but there has been precious little of that for the Russian economy lately.The value of the rouble has plummeted and the country is heading into recession, hit by the falling oil price and Western sanctions.

Russia’s sovereign credit rating has been downgraded to one notch above junk level.

The government says inflation could reach 17% this year, but people we spoke to on the streets of Blagoveshchensk in the Russian Far East said prices in shops were already spiralling.